Iridium Communications (NASDAQ:IRDM) Stock Rating Lowered by StockNews.com

Iridium Communications (NASDAQ:IRDM) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other brokerages have also weighed in on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday.

Iridium Communications Stock Performance

IRDM stock traded down $0.48 during trading on Thursday, reaching $26.87. 1,441,553 shares of the company’s stock were exchanged, compared to its average volume of 1,232,420. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $35.85. The company’s fifty day moving average price is $29.68 and its 200-day moving average price is $29.32. The firm has a market cap of $2.92 billion, a PE ratio of 28.28, a P/E/G ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. On average, research analysts expect that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds have recently bought and sold shares of IRDM. Norges Bank purchased a new stake in Iridium Communications in the 4th quarter worth about $28,240,000. American Century Companies Inc. lifted its stake in Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after acquiring an additional 841,951 shares in the last quarter. Schroder Investment Management Group lifted its stake in Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after acquiring an additional 683,777 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications during the 4th quarter worth about $17,613,000. Finally, ArrowMark Colorado Holdings LLC raised its stake in shares of Iridium Communications by 37.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock worth $60,595,000 after purchasing an additional 567,164 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.